small business - Will it be consider for book keeping?
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04-17-2014, 12:18 PM
Post: #1
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small business - Will it be consider for book keeping?
Hi Can anyone please help me with the followings.
Recently I have opened a small business of distribution and for that I have business account in lloyds bank. Now I would like to pay some amount to a supplier based outside Europe, so obviuosly It will come under international payment. If I do direct transfer from my business account (LLOYDS BUSINESS ACCOUNT) to supplier (china based), then bank will charge me the fee of £21 which is huge amount. But if I use western union money transfer service then It will be so less than £21. (for that Can I withdraw some money from business account and use western union service or else can I use my business account debit card for payment to international supplier??) I am concerned about my small business. Can I use this type of service for my business to buy products? Will it be consider as personal payment or business payment?? Can I apply for VAT for my business based on this? Will it be proper business transection as per HMRC view? Your help will be appreciated. regards to all Ads |
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04-17-2014, 12:32 PM
Post: #2
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Wiring money with Western union is effectively the same as stuffing cash into an envelop. I'm guessing you would only make such payment to a company with whom you have a long standing relationship. Chines contract law interpretation is tricky enough already, you don't want to compromise the protections that are put in place. Although more classically for consumer protection, using a credit card would probably also afford more protection than Western Union (which is a favorite of Nigerian counterfeit check scams)
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